Strings are immutable, thus you can not modify the string in place. You have to make a new one:
>>> mystr = "Higher id: 38"
>>> mylist = mystr.split(' ')
>>> mylist[-1] = "55" # t[-1] accesses the last element in the list
>>> print ' '.join(mylist)
Higher id: 55
If you are confident that 38 will only occur once in the string, you can use replace(). Just remember that it returns the replaced string, and does not actually replace the string in place:
>>> mystr = "Higher id: 38"
>>> mynewstr = mystr.replace('38', '55')
>>> print mynewstr
Higher id: 55
Or even regex can be used:
>>> import re
>>> print re.sub(r'(\d.*?)$', '55', mystr)
Higher id: 55